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Senate treatment of selling shares

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  • #1

    Senate treatment of selling shares

    Why has no one mentioned this horrible part of their tax plan on this site?

    https://www.google.com/amp/s/www.cnbc.com/amp/2017/11/20/senate-tax-bill-ends-this-stock-sale-strategy.html

    The loss of the ability to use Specific ID in taxable accounts would basically all but eliminate the ability to tax loss harvest, among other tax management strategies.  :x
    Tags: None
  • #2
    You mean in a thread like this one?

    https://www.whitecoatinvestor.com/forums/topic/senate-tax-bill-proposes-eliminating-ability-to-tax-loss-harvest-for-individuals/

    Nobody likes to see "their loophole" go away it turns out, but the only way to really simplify the tax code is to eliminate loopholes and lower tax rates. Wouldn't it be awesome if there were no standard deduction, no itemized deductions, no credits and you had tax brackets that were like 5% on first $100K, $15% on 2nd $100K, 25% on 3rd $100K, and 33% after that?

    You could do your taxes on a post-card.

    But when you only drop some deductions and keep others, there are going to be winners and losers.

    Let's wait until the final law and then sort out what our new tax strategies will be.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

    Comment

    • #3

      The White Coat Investor wrote:



      You mean in a thread like this one?

      https://www.whitecoatinvestor.com/forums/topic/senate-tax-bill-proposes-eliminating-ability-to-tax-loss-harvest-for-individuals/

      Nobody likes to see “their loophole” go away it turns out, but the only way to really simplify the tax code is to eliminate loopholes and lower tax rates. Wouldn’t it be awesome if there were no standard deduction, no itemized deductions, no credits and you had tax brackets that were like 5% on first $100K, $15% on 2nd $100K, 25% on 3rd $100K, and 33% after that?

      You could do your taxes on a post-card.

      But when you only drop some deductions and keep others, there are going to be winners and losers.

      Let’s wait until the final law and then sort out what our new tax strategies will be.
      Click to expand...


      Check the time stamp of the initial posts on these two threads. At least give me credit for posting first.  

      Comment

      • #4

        Bmac wrote:

        Check the time stamp of the initial posts on these two threads. At least give me credit for posting first
        Click to expand...


        Huh?

        You posted on 11/20. The other thread started 11/18. What Am I missing.

        Comment

        • #5

          Kamban wrote:



          Bmac wrote:

          Check the time stamp of the initial posts on these two threads. At least give me credit for posting first 
          Click to expand…


          Huh?

          You posted on 11/20. The other thread started 11/18. What Am I missing.
          Click to expand...


          A time machine?

          Comment

          • #6
            Oops. You got me. My bad. I'll just try to quietly walk away without embarrassing myself further.

            Comment

            • #7

              Bmac wrote:



              Oops. You got me. My bad. I’ll just try to quietly walk away without embarrassing myself further.
              Click to expand...


              Don't worry. All in good fun  

              Comment

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